Truly horrendous credit history!!

Moonlight1971

Hi everyone

I'm new so be kind

I have horrendous credit. After a period of ill health and a severe drop in earnings everything went vert bad for me last year. I now have a total of about 8 or 9 defaults and a CCJ on my file! :eek::eek::eek::eek:

Plus there may be more CCJs on the way as I'm unable to cope with the payments which the various debt collectors are asking from me.

My partner's record is not good either. TBH we just had to let everything go other than our mortgage (to avoud being repossessed and made homeless).

But now we can't get finance or loans etc for ANYTHING! We stupidly took out a Provident loan this year (£350) and are paying it back at £10 a week. Its really crippling. . .

Is there any hope for us? We were advised to try the local Credit Union but they said they couldn't lend to us because of our poor credit history too - and also that we just don't have enough disposable income to cope with any repayments - even though their repayments would be less than what we're paying Provident.

I sometimes feel like I'm drowning in a sea of debt and threatening letters. We wanted to try and get finance for my partner to do his HGV training and hopefully get a better job but our credit history is against us (of course!)

We don't want to go bankrupt as we'd lose our house . . . any advice?

[EMAIL="abuse@moneysavingexpert.com?subject=Reporting%20post%20http://forums.moneysavingexpert.com/showpost.html?p=11953117"][/EMAIL]

Merlot

Welcome to the board moonlight, can you post an SOA (a list of incomings and outgoings) and a list of debts and APR, so we can advise you.

Merlot.x.

THE_LONE_RANGER_4

its not that bad when i/we was in debt we had 7cj 14 df all gone of out file now due to 6 years rule , lets face it you cant get in any more debt please stay away from the likes of provident etc , check the bancruptcy rules etc i knew some one who was allowed to keep there home .
think positive do not let dca etc court issues grind you down if the pro loan is causing issues stop paying it consult cab etc etc , dont borrow of the likes of pr/shop acheck etc they will blead you dry with a smile.
think your number 1 you come first priority bills first.
dont give up think positive.

thriftymomma

This board is full of loads of hints and tips of cost saving, money making, charge reclaiming - all ways you can get your hands on a few more pennies to pay your debts off and finally get sorted.
The first steps are the hardest steps but my advice would be get a cup of tea and sit down on these boards for a couple of hours and sift through the info. ANd of course you have just made a million MSE friends who are all here to help you!
Good luck.

doodledo_2

Hi and welcome to the board. You have definately come to the right place.

The best first step is to complete a SOA (statement of affairs) there is a sticky at the top of the forum which will help.

Once posted people will then be able to see if there is any way they can reduce your outgoings and help you pay more off your debt.

Make sure you list all your debts with APRs too.

Is there anyway you could increase your income? Have you got much stuff you could sell on Ebay/Amazon etc.

Good luck.

Moonlight1971

Hi everyone

We've been to the CCCS they were no help really, just told us to offer our creditors £1 a month or else just stop paying them and let them take us to court. But that will make it worse as we'll have loads of CCJs on our record.

We are struggling because my partner is on minimum wage and can't get a better job as he has no particular skill or trade - he wants to do an HGV course or Driving Instructor Training but the fees are £2,000 per course and we can't raise the money (family and friends can't/won't help). We can't get a Career Development Loan because of our credit rating.

We do have some stuff we could maybe sell on EBay although I wouldn't have a clue how to do it, I'm not at all entreprenurial and am worried I'd end up losing money by underestimating the postage etc. Also, when I tried to sign up for an account on EBay to sell stuff I couldn't for some reason.

I could try to find a full time job too but that would mean placing our 18 month old in full time childcare (family/friends can't provide this for us) which would be really expensive (he'd also hate it as he's very clingy). Plus I wonder if we'd be any better off really as we'd lose our tax credits etc.

How long will all these defaults etc stay on our credit files?! Will they drop off eventually? Most of them were only incurred in the last year or so . . .

TotallyBroke

You won't necessarily lose your tax credits if you go to work. You could get working tax credit and help with childcare especially as oh is on minimum wage. Check out the entitledto website that will give you rough figures.
Also if child is clingy it might be an idea to get them used to socialising alone without you or you may have trouble when child goes to nursery full time and school.